News

Trade Minister pledges 75% reduction in CoL by 1st quarter!

Published

4 months ago

January 3, 2024

editor

Trade, Commerce and Food Security Minister Nalin Fernando pledges a significant reduction of 75% in the cost of living burden on the people by the end of the first quarter this year.

He attributes this positive outlook to the initiation of 2024 with a positive economic growth rate.

Minister Fernando expressed his commitment to enhancing consumer rights by introducing a new program for the Consumer Authority, aiming to provide greater security for consumers.

The Minister’s remarks were made during a press conference at the Presidential Media Center (PMC) today (03) under the theme ìCollective Path to a Stable Countryî.

He acknowledged the impact of India’s halt on big onion exports, which has reverberated in Sri Lanka. However, the minister assured that the situation will be sort within the next two weeks when India relaxes its restrictions on onion exports.

Minister Nalin Fernando further commented:

“We embark on the year 2024 with a positive economic growth rate. Notably, by the end of the first quarter, the cost of living burden on the people is projected to decrease by 75%. The existing tax policy assures continued relief for citizens in the future.

While some argue against levying taxes for government income, it must be emphasized that such statements are counterproductive to the country’s economic growth. Citizens bear the responsibility of supporting government investments in the country’s future using tax revenue. Critics often cite high taxes as a reason for leaving the country. However, taxation in our country stands at a modest 12%, significantly lower than the 38% to 43% in countries attracting emigrants. These nations have thrived due to their tax policies.

The interruption in big onion exports from India has impacted our country, but resolution is expected within the next two weeks when India relaxes export restrictions. Improper publicity surrounding tax amendments, including VAT, has led to unwarranted price hikes by intermediaries and some companies, placing pressure on the people.

In the first quarter of 2024, Lanka Sathosa aims to open five new mega stores and ten regular Lanka Sathosa stores. By year end, the plan is to expand the Lanka Sathosa outlet network to 500 outlets. Expanding the network to 500 outlets serves the primary goal of enabling consumers to purchase goods at government subsidized prices without shortages. In 2024, the goal is to increase the total income of Lanka Sathosa Company to nearly Rs. 70 billion, achieving an operating profit of nearly Rs. 1.5 billion. The company aims to secure a net profit of Rs. 500 million amidst the economic challenges.

A new program for the consumer authority is anticipated in 2024, aiming to enhance consumer rights. The Department of Measurement Units, Standards and Services will be fully computerized to meet people’s needs in the first four months of the year.”

(President’s Media Division)

News

China Pledges Full Support for Sri Lanka’s Debt Restructuring

Published

10 hours ago

May 4, 2024

editor

State Minister of Finance Shehan Semasinghe has met with the Chinese Vice Minister of Finance Liao Min.

This meeting was held on the sidelines of the ADB annual meeting in Georgia.

Minister Semasinghe said on X ”at this discussion China assured its fullest support and cooperation to conclude the debt restructuring process in Sri Lanka.”

Furthermore, he said that China reaffirmed steadfast support to Sri Lanka on all fronts.(news first.lk)

News

Sri Lanka slips down Press Freedom Index

Published

1 day ago

May 3, 2024

editor

Reporters Without Borders released the 2024 World Press Freedom Index on Friday (03).

According to RFS, Sri Lanka has slipped to the 150th position in the index, from 135th position last year.

Click here to read the RSF Sri Lanka Fact File

News

Companies should be ashamed of not giving workers a raise – Vadivel Suresh

Published

1 day ago

May 3, 2024

editor

Mr. Vadivel Suresh, General Secretary of the Lanka Jathika Estate Workers’ Union, emphasized that both the Government and the Plantation Employers’ Association bear the responsibility of providing wage increases to plantation workers. These workers, who play a pivotal role in sustaining the esteemed reputation of ‘Ceylon Tea’, contribute significantly to the national economy of Sri Lanka.

MP Vadivel Suresh, made this statement during his participation in today’s (03) news conference at the Presidential Media Centre (PMC), under the theme ‘Collective path to a Stable Country’.

The Member of Parliament noted that plantation companies, benefiting significantly from the fluctuating dollar value, ought to feel ashamed for not providing their workers with a salary raise. He emphasized that the salary increase outlined in the gazette notice issued by the Labour Commissioner General for plantation workers should be implemented.

MP Vadivel Suresh further commented:

“We express gratitude to the President and the government for raising the salary of plantation workers to LKR. 1700. However, the Plantation Employers’ Association is contesting this decision.

The estate companies that profited greatly from the dollar’s value should be ashamed of themselves for not giving their workers a raise. Expressing opposition to the decision to increase wages for their workers, who contribute significantly to strengthening the national economy by upholding the reputation of Ceylon Tea, is regrettable. The decision to raise estate workers’ wages was not made hastily; rather, it followed extensive negotiations over the course of a year involving the Department of Labour, trade unions, and relevant stakeholders.

Employers’ unions persistently refrained from engaging in wage-fixing negotiations. Similarly, they remained silent when a salary increase of LKR 1000 was requested. However, the Labour Commissioner General, utilizing his authority, lawfully issued a gazette notice for a salary hike of LKR 1700. It is unjust for estate companies to procrastinate without providing relief to the workforce amidst fluctuations in the dollar’s value.

Both the government and the plantation Employers’ Association bear responsibility in this matter. Consequently, companies cannot contravene government decisions. Estate companies claim they are in dialogue with the high-level committee for the ultimate verdict. However, all 22 estate companies are owned by five individuals. These owners are involved not only in tea plantations but also in sectors such as tourism, small-scale manufacturing, agriculture, and gems. Additionally, plantation workers and trade unions must unite in support of this wage increase.

(President’s Media Division)

Gazette issued to up estate workers’ daily wage

Unable to increase daily wage – Plantation owners